Many Americans strive to start their family. It’s part of the great American dream, and although the number of people in a family has diminished in the last few years, many millennials are still striving to start one for themselves. However, they are delaying this part of their lives—one of the reasons why is the overall cost of starting a family.
The costs of having a child in the United States have increased drastically. It’s estimated that a family must have $233,000 to raise their children to eighteen years old. That’s not including their college fees, which cost around $30,000.
Starting a family can be challenging. But you can start right now, during your wedding.
Save on Your Wedding
The average cost of a wedding is around $28,000. That’s almost equal to the amount you need for your child’s graduation tuition for one year. If you want to save, don’t get caught up in the more minor details. You can have a beautiful and memorable wedding without spending too much.
There are many different ways couples can save money on their wedding. One way is to have a smaller wedding. This means that you will have fewer guests and, therefore, will spend less on food and drinks.
You can also save money by choosing a less expensive location for your wedding. Having a local barn wedding can be one of the best and most affordable ways you can have your wedding. With enough preparation, you can turn your barn wedding into a magical night without spending too much. Moreover, feel free to DIY some of the decorations and favors. Finally, be creative! There are many ways to have a beautiful wedding without spending much money.
Look for Ways to Save on Child Care
The National Association of Child Care Resource & Referral Agencies found that the average cost of child care is $972 per month for one child. If you want to save money on child care, there are a few options.
You can start by looking for discounts. For example, many businesses offer discounts to employees who have children in child care. You can also ask your family and friends if they know of any good deals or discounts.
Another way to save on child care is to use government assistance programs. The federal government offers a tax credit of up to $1,050 per child for child care expenses. You may also be eligible for state assistance programs.
Finally, you can try to negotiate with your employer for flexible work hours or telecommuting options. This way, you can save on child care by taking care of your children yourself.
Save on College Tuition
The cost of college tuition has increased significantly in the last few years. The average tuition and fees for the 2017-2018 school year were $34,740 at private colleges, $9,970 for in-state students at public colleges, and $25,620 for out-of-state students at public colleges.
There are a few options if you’re looking to save on college tuition. One way is to apply for scholarships and grants. You can also look into student loan options, such as federal student loans.
Another way to save on college tuition is to choose an affordable college. Many good colleges won’t break the bank. You can also try negotiating with your preferred college for a lower tuition rate.
Save on Health Care Costs
One of the most significant expenses for families is health care. The average family spends $4,658 on health care costs each year.
There are a few ways to save on health care costs. One way is to get insurance through your employer. If your employer offers health insurance, they may cover some costs. You can also look into government assistance programs, such as Medicaid or the Children’s Health Insurance Program (CHIP).
Another way to save on health care costs is to use preventative care measures. This means getting regular check-ups and screenings. It can help you catch any potential problems early on, saving you money in the long run. Lastly, be sure to shop around for the best prices on prescriptions and other medical supplies.
Saving Early
Saving as early as now is crucial to starting a family. This is because saving follows the law of compound interest allowing your money to grow over time. So the earlier you start saving, the more time your money has to grow.
You might never have enough money to start a family, but you can at least get your bases covered by saving. By doing this, you can at least ensure that your family won’t suffer or have significant financial problems.
